Biden blows it up by making student debt repayment a priority

Anyone looking for a succinct summary of America’s dystopian state in the pandemic age could do worse than Dash for Cash.

On Saturday, December 11, during an interlude at a Junior League ice hockey game in Sioux Falls, South Dakota, Premier Center featured cash-strapped teachers scrambling for their share of $ 5,000. They got on all fours, in front of an entire arena, and collected as much money as they could for necessary school supplies. Video of the sad show went viral over the weekend, highlighting the desperate need to invest in America’s education system. But overhauling this system does not seem to be a priority for the current administration. However, the Dash for Cash coincided with a statement that is considered a high priority for Team Biden when it comes to education.

Asked by a press scrum on student loan payment break due to expire on February 1, White House press secretary Jen Psaki Psaki responded:

“In the coming weeks, we’ll be posting more details on our plans and engaging directly with federal student loan borrowers to make sure they have the resources they need and are on the repayment plan.” appropriate. We are still evaluating the impact of the omicron variant, but a smooth transition to reimbursement is a high priority for the administration.

Not only did Psaki confirm that the president was not interested in keeping debt payments at bay for students struggling with the pandemic, but she stressed the urgency for those students to resume repayment as soon as possible. The announcement of this race for student money seemed to strike progressives as not only in bad taste, but downright offensive.

The latest news seems to make it clear, however, that debt cancellation is not what Biden wants, but rather wants “a smooth transition to repayment.” Biden’s evolving stance on the matter now feels less like a roller coaster ride and more like a standing projection in front of a movie screen of a roller coaster ride.

Perhaps the reason Biden chose not to extend the break on student loan repayment is for appearances. It could be a show of force, signaling to Tories that rumors of a boon in social spending have been greatly exaggerated. With the press hammering it daily on inflation, it is one way of showing fiscal responsibility.

However, if her student loan decision is meant to be a show of force, it is headed in the wrong direction. Students in debt during the pandemic are also currently facing rising prices at the pump. Like CNBC reports, a recent poll of 33,703 student loan borrowers, even among those with full-time jobs, 89% say they are not financially secure enough to start making payments after February 1. Meanwhile, it looks like the administration could find more money by suing suspicious PPP loans, and tax billionaires whose wealth rose to $ 10.2 trillion during pandemic.

Either way, this administration that sees student loan repayment a high priority while dragging its feet on voting rights and many other issues is less a race for money and more of a race for money. low.



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